Ex- Spouse's debt and Buying a house

Ex- Spouse's debt and Buying a house

Hi everyone!

My fiance and I are fairly new to cleaning up our credit. Mine will take much longer to repair than his. His mid-line as pulled by a lender is 646. Not great- we are well aware, but it is enough to qualify for a loan. Our problem however was that when we pulled his report- there is over $24000!!!! in un-paid collections from accounts that went to his ex-wife in their divorce in 2008. There are some derogatories form things that he quit paying in order to keep the house in good standing (it is reported as paid current) as are the auto loan he had (his new car was paid in cash). Basically the ex-wife had terrible credit and all the cards were in his name with her being an AU. Then in the divorce he was issued a hold harmless that he "assumed" took care of everything. Our LO had us dispute to the credit bureaus and a few things have been removed- but a vast majority is still there and is seriously effecting our ability to purchase a home. I'm just looking for advice on what our next step should be (or if there even is one). Details of the debt:

Chase Bank/Asset Acceptance ($8278 past due >120 high balance $5984)

Comenity Bank/Chadwicks ($825 settlement paid for thess than the full balance)

Chase ($4578.00 high balance past due 180 days- charged off as bad debt)

Re: Ex- Spouse's debt and Buying a house

A divorce decree does not alter or supercede any legal contract. All terms of the original contract are binding. Thus, whenever there is a separation/divorce, the best thing is to close all joint accounts. He would be wise to close them or at least see if he freeze them so no more charges could be incurred. Late fees and late reporting will continue on a suspended or closed account until it is paid in full or the debt is satisfied. Charge Offs will remain for seven years plus 180 days on your report, closed and paid with the lates seven years.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.